Western Cape Business News

Send  Share  RSS  Twitter  28 Aug 2015

PROPERTY: Cape Trophy Home Sales Surge to Just Over R1 Billion and a New R111 Million Price Record for Clifton


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The slow-down in the housing market and weakening economy notwithstanding, it seems that wealthy buyers are still seeing bricks and mortar in the Cape’s luxury locations as a good store of wealth. That is according to Ian Slot, Seeff’s managing director for the area who says that sales of R20 million-plus trophy homes across the Cape metro already tops R1 billion for the year and a significant new price record for Clifton. This, from just 33 sales at an average price of just over R31.5 million.

Not surprisingly, the Atlantic Seaboard tops the list with 24 sales with a combined value of almost R777 million and a top price of R111 (incl. VAT) for a luxury villa in Nettleton Road, Clifton, recently sold by Seeff agent, Lance Cohen to a Johannesburg-based buyer.

Aside from its location in the most sought-after and valuable road in the country, the particular home is quite spectacular and epitomises the attraction of the Atlantic Seaboard as the country’s premier residential real estate belt, says Cohen.

The home was designed by Stefan Antoni who is responsible for many of the iconic designs on the Atlantic Seaboard. The multi-storey home offers an almost unmatched location, accommodation and finishes, from the massive 1381sqm in floor space served by a private elevator to the large glass windows and stack-back doors that opens the home to spectacular views – the ocean to the front and Lion’s Head to the rear.

The home includes a master suite that covers the entire first floor, a house manager/butler’s apartment, a high-tech 10-seater cinema, gymnasium, store rooms, a multi-media and electronics control room and top class finishes including state-of-the-art underfloor temperature control (heating and cooling) throughout. To the front is a suspended terrace with a signature arch as well as a heated rim-flow pool that stretches across the length of the house and overlooks the ocean.

This is a new record freehold house price for Clifton, the previous highest being R60 million paid for a Nettleton Road property in 2010. This price, says Cohen, has now cemented Clifton’s position as the top suburb in the country and once again affirms the Atlantic Seaboard as the place where wealthy buyers, not only Capetonians and Johannesburgers, but from across the globe want to invest their money.

Clifton also boasts the highest average sales price in this sector for this year with its four sales for this year averaging at just over R45.6 million.

Other top end activity on the Atlantic Seaboard includes seven apartments that sold at an average price of R34.5 million; two in each of Clifton and Bantry Bay. Two of these sales have also taken the average rate paid per square metre for apartments to about R120 000/sqm in Clifton.

Bantry Bay has clocked up the highest number of sales with seven R20 million-plus properties sold ranging to a highest price of R33 million for a luxury apartment on the sea side of Victoria Road, sold by Seeff.

Two top end properties have also sold in Fresnaye to a highest price of R56 million for a four-bedroomed home in De Wet Road.

In Camps Bay, four properties have sold above the R20 million price mark including a luxury villa in Medburn Road recently sold by Seeff for R24 million.

In Bishopscourt, five homes have sold over the R20 million price mark at an average price of R28.6 million. Other areas where R20 million-plus sales have been recorded so far for the year include Constantia, Llandudno and Mouille Point.

About 60% of the top end sales were to local residential buyers and the remainder, mostly holiday and investment homes were acquired by wealthy Johannesburg and KZN-buyers as well as foreign buyers, says Slot.

The Cape property market is enjoying some of the highest confidence levels in the country. It has been a strong performer over the past two years with the R20 million-plus trophy sector of the market surging ahead in price and value.

Despite the general slow-down in activity across the market, sales in the R20-million plus sector this year still compares well with that of the first half of last year. The average price is also higher than last year’s average of about R28.47 million.

This year’s sales is also already more than the total value of just over R762 million that sold for the whole of 2013.

This, says Slot, clearly cements the Atlantic Seaboard’s position as the premier Blue-Chip real estate belt in the country. Wealthy buyers from across the country and globe, including South African expats are happy to pay as much as 40% more for a top end home here compared to Sandton which is generally regarded as the wealth capital of the continent.

The top end of the Atlantic Seaboard market is still seeing a shortage of stock and keen interest from buyers. It is still a good time for sellers, concludes Cohen.

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